Middle East

According to documents seen on Monday, Naji Issa has submitted his resignation to both the legislative chambers of Libya. The documents, whose authenticity was confirmed by Issa in the document, stated that he could not continue to hold his position, but he did not elaborate on the reason, citing the sensitive nature of the issues. Issa stated in documents sent to the leaders of the two chambers that he would not be able to continue his position. The two documents stated: "I apologize that I am unable to continue my duties as Governor of Central Bank of Libya without disclosing...

Iran has named Mohsenrezaei secretary of the Supreme National Security Council. This is a promotion of a prominent hardliner, and close ally to Supreme Leader Ayatollah Mojtaba Khamenei. The move comes more than five months after the conflict began with the United States. Rezaei succeeds Mohammad Baqer Zolqadr in the position of second-in command at the body that coordinates Iran’s security and foreign policy and is presided over by President Masoud Peshkian. Zolqadr has been appointed to be Khamenei's political advisor. What you need to know about Rezaei 71 COMMANDED RELATIONAL GUARDS AGE 27 Rezaei, who was 27 years old...

After?18 months? of intensive negotiating, Syria and Russia have reached an agreement to settle the future of Russian base?at Tartous?and Hmeimim?, according the Syrian Foreign Ministry. The ministry announced that the Syrian state will take over the management of civil facilities, such as Hmeimim Airport and the commercial berth at Tartous Port, allowing for their gradual integration into the civilian administration. The military sites would be converted into joint training and qualification centres, under new arrangements that preserve the interests of both parties. This transition was to be completed in three months. The Russian naval base at Hmeimim and?Tartous air?base...

The Saudi Energy Ministry reported that firefighters extinguished the fire at Saudi Aramco Jazan refinery, which broke out early Sunday morning. The fire was brought under control by Aramco's Industrial Security Teams and the authorities are completing the procedures to handle the incident. This is what the Saudi Energy Ministry said on X. The ministry did not say what started the fire. Jazan lies on the Red Sea, near the border of Yemen. Aramco closed its 400,000 barrels-per-day Jazan'refinery' on July 27, following an attack from Yemen's Houthi militants, which damaged the plant’s Integrated 'Gasification Combined Cycle' (IGCC) and tank...

An official from the United States reported progress on Friday between Iran and Oman, which could lead to the reopening of the Strait of Hormuz in the near future. This would allow oil exports to resume that were disrupted during the U.S. The war with Iran is ongoing. The U.S. official who refused to be identified said Washington expected an agreement between the two countries that sit on either side of the Strait so normal oil traffic can resume. The deal between Iran, Oman and the control of the strategic watersway is seen by many as being crucial to a...

Sources say that a pact will be signed in Mecca this Friday Erdogan, Sharif, and Munir the army chief are scheduled to meet Crown prince Mohammed bin Salman * An agreement was reached after nearly a year-long negotiation, as reported in January. (Adds context and details throughout). By Timour Azhari Ariba?Shahid, and Tuvan Gumrukcu RIYADH/KARACHI/ANKARA, Aug 7 - Turkey, Saudi Arabia and Pakistan will sign a joint defence agreement in Mecca on Friday, sources with ?knowledge of the matter said, amid regional ?turmoil with Gulf states coming under fire from Iran after it ?was attacked ?by the U.S. and Israel....

Sources say that a pact will be signed in Jeddah this Friday. Erdogan, Sharif, and the army chief Munir are due to meet with Prince Mohammed bin Salman * An agreement follows nearly a year's worth of negotiations, as reported in January By ?Ariba ?Shahid KARACHI/RIYADH. 7 August. Regional sources who have direct knowledge of this matter confirmed that Turkey, Saudi Arabia, and Pakistan would sign a joint defense agreement on Friday. This comes at a period of turmoil in the region, with the Gulf States under attack from?Iran following its attacks by the U.S. The pact?cements the growing grouping...

Gold prices remained steady Thursday, as oil prices rose after reports that Iran was reviewing restrictions on "hostile vessels" in the Strait of Hormuz. This sparked inflation fears and rate hike expectations. Gold spot was unchanged at $4,244.29 an ounce as of 2:50 pm EDT (1850 GMT), having reached its highest level since the 18th of June earlier in session. The yellow metal gained over 4% in one day, the largest gain since February. U.S. Gold futures settled at $4,299.60, a 0.1% decrease. A committee of the Iranian parliament is reviewing a draft bill which would prohibit U.S. and Israeli...

Gold reversed its course on Thursday, falling as the rise in oil prices following reports that Iran would review restrictions on vessels transiting through the Strait of Hormuz which were deemed "hostile", reignited inflation concerns and raised expectations of rate hikes. By 12:40 pm EDT (1640 GMT), spot gold had fallen 0.3% to $4,233.64 an ounce. Earlier in the session, prices had reached their highest level since June 18. The yellow metal gained over 4% in one day, its largest gain since February. U.S. gold futures dropped 0.3% to $4.291.30. A semi-official Iranian news agency, Fars, reported that an Iranian...

According to multiple trade sources and ship tracking information, China's state owned?Sinopec Corp., the world's largest refiner, increased purchases of Far East Russian Oil to compensate for Middle East oil supplies that were reduced by the Iran War. Sinopec has been able to maintain a relatively stable output and export fuel surpluses on a strong margin due to its purchases of Russian oil, which is cheaper than competing grades from Brazil and West Africa. This was despite China's decision in March of limiting the overseas sale of fuel products, as a way of protecting domestic supply during trade disruptions caused...

President Donald Trump stated that his administration had "very positive discussions" with Iran on Tuesday during the all-day talks, which fueled expectations of a quick end to the five-month conflict. In Asian trade, oil prices dropped and stocks soared on Wednesday following Wall Street's record highs. This was on the hope that a deal would soon be struck to restore traffic in the Strait of Hormuz. Trump said on Fox News' "@ night" program that the negotiations lasted all day. Trump said that the Strait of Hormuz would be opened very soon. If they retreat again, they will be hit...

German fashion group Hugo Boss announced its operating profit for the second quarter ahead of expectations and maintained its outlook for the full year despite a subdued demand from consumers. In a poll conducted by the company, earnings before interest and tax (EBIT), which were 81 million euros in 2014, fell to 59 million euros. This was higher than analysts' average predictions of 52 million euro. The currency-adjusted sale fell by 9%, to 905 millions euros. This was slightly lower than analysts' expectations, which were 907 million euro, as strategic realignment and a weak consumer background continued to weigh on...

The price of oil continued to rise on Friday, amid concerns about the opening of the Strait of Hormuz.?Iran and Oman suggested that vessels considered hostile be banned from the strait, with heavy fines for those who broke the proposed rules. Brent crude futures rose by 99 cents or 1.2% to $83.48 per barrel at 0010 GMT. U.S. West Texas Intermediate Futures rose by 85 cents or 1.1% to $78.84. Oil futures settled at $3.50 a barrel as Iran considered a bill that would ban U.S. vessels and Israeli ships from the Strait of Hormuz, where a fifth of world...

Investors cautiously awaited signs of progress in the U.S. Iran peace 'deal' and the reopening of the Strait of Hormuz. Brent crude futures dropped 33 cents or 0.42% to $79.12 per barrel at 0418 GMT. U.S. West Texas Intermediate Futures fell 42 cents or 0.56% to $74.80 per barrel. Brent settled slightly higher on Wednesday while WTI edged down. Iran and Oman reached an agreement on the geographic coordinates of a shipping route that would pass through the Strait of Hormuz. A joint announcement is being finalised if certain third parties do not interfere. Yuki Takashima is an economist with...

Investors waited to see whether the U.S. - Iran war was ending and if the Strait of Hormuz would be reopened. Brent crude futures rose?26 cents or 0.33% to $79.62 per barrel at 0110 GMT. U.S. West Texas Intermediate Futures rose by 0.16% or 12 cents to $75.90 per barrel. Qatar announced on Tuesday that mediators are making progress to end the conflict, which is driving down oil prices. However, Tehran has denied U.S. president Donald Trump's claim that talks have already begun. Brent closed below $80 per barrel on Tuesday for the first time since last July 13. The...

The oil price rebounded 1% from a drop in the previous'session. This was due to concerns that Middle East supplies remained 'at risk, as a diplomatic solution to the U.S. - Iran war which has disrupted shipments seems unlikely. Brent futures for the front-month rose $1.12 or 1.3% to $84.89 per barrel at 0355 GMT, after falling 7% to a 3-week low in the previous session. U.S. West Texas Intermediate crude (WTI), which had fallen more than 5% the previous day, was now up 77 cents or 1% at $81.11, after having dropped to its lowest level in almost a...

The U.S. Inflation rate slowed down in June but it is only temporary as renewed hostilities are raising oil prices. The Bureau of Economic Analysis of the Commerce Department reported that the Personal Consumption Expenditures price index increased by 3.7% over the past 12 months, after advancing an unrevised 4.1% during May. This was the largest gain since April 2023. PCE inflation increased in line with expectations. The PCE Price Index fell 0.1% month-over-month, its lowest reading since April 2020. It had risen 0.5% in May. These data were also included in the government’s second-quarter?estimate gross domestic product. This was...

Two sources who are familiar with the discussions on Wednesday said that Russia is planning to extend its diesel export ban by one month. However, the restriction could be lifted mid-August, if domestic supply improves. The ban was introduced by Russia from July 8 until July 31, as part of an overall package of measures designed to support the domestic market for fuel after repeated Ukrainian drone strikes on oil refineries caused fuel shortages and price increases. Moscow has already placed restrictions on the export of jet fuel and gasoline. Alexander Novak, the Deputy Prime Minister, said last week that...

Saudi Aramco closed its Jizan oil refinery, which produces 400,000 barrels per day in Saudi Arabia, on July 27, following an attack on the facility by Yemeni Houthi militants. A note seen by revealed that this was due to an attack on Saturday by Yemen's Houthi terrorists. The market is already constrained by the tight fuel supply in the world, as well as disruptions from the Middle East and Russia's ban on diesel exports. The outage has also had a significant impact on the refinery profit margins, which have reached'record highs' in certain regions. The note stated that the attack...

Since the beginning of the Iran War, there has been a debate about whether crude oil futures accurately reflect?the stress in the physical markets for oil and refined products or if the are blindly 'optimistic' that peace is on the horizon. The Iran War between the United States of America and Iran continues on its volatile and unpredictable course, with renewed hope that there is a chance for a new pause in the?reverse strikes. This flicker of optimism led Brent futures to fall in the early Asian trading on Monday. The price fell by nearly 5%, reaching around $92.06. The...

Elvira Nabiullina, the Governor of the Russian Central Bank and Alexei Zabotkin, her deputy, held a press conference on Friday following a 25 basis point cut in its key rate to 14.00%. Nabiullina, Zabotkin and others spoke Russian. The?quotes that follow were translated by. NABIULLINA ON RATE DECISION "We carefully considered two options: Keeping the rate at its current level and cutting it to 0.25%. We discussed these two options, despite a few isolated suggestions to increase the rate. NABIULLINA ON FUEL SUPPLY CRUNCH "We analysed the fuel situation's development. This is primarily about what's known as supply-shocks. Such shocks...

Are you looking for inspiration? Weekend Reads is a weekly feature that highlights what the Open Interest team has been reading, watching and listening to. The Open Interest team shares what they've been watching, listening to and reading. This week's selections include the emergence of drone warfare, Europe's AI ambitions and Jamie Dimon's worries about long-dated bonds at JPMorgan Chase. This weekend we are reading... RON BOUSSO, ROI Energy Columnist. He has produced an amazing, frightening and visually stunning piece on Ukraine's "kill zone" with drones, which has changed the battlefield between Russia and Ukraine. CLYDE RUSSELL is a ROI...

A European Central Bank survey released on Friday showed that companies in the euro zone are finding it difficult to increase prices for consumers who are already facing a 'rise in fuel costs. The ECB held interest rates at a 'hold' level a day earlier. It said it was unable to see any evidence that the higher fuel prices were affecting consumer prices, wages, or long-term expectations. The ECB left the door open for another rise in September. The quarterly exchange between 76 large companies in the euro zone outside of the financial sector confirmed the absence of these second-round...

On Thursday, oil prices jumped more than 1.5% and reached their highest level in over six weeks. This was due to a new round?of strikes by the United States against Iran as well as Yemen's Houthis attacking oil tankers on the Red Sea. Brent crude futures were up $1.93 or 2% at $96 as of 0011 GMT. This is the highest price since June 8th. The previous session had seen it settle over $3 higher, at $94.07. This was just short of the six-week peak. U.S. West Texas Intermediate Crude rose $1.44 or 1.7% to $88.27 after rising almost 3%...